DEGRAY: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DEGRAY
Largest movements
- Current investments +€172,642
up €172,642 (+40.1%), from €430,678 to €603,320
- Cash -€71,926
down €71,926 (-42.6%), from €168,806 to €96,880
mainly Current investments (-€172,642) and Contributions, distributions and other (-€95,738)
- Receivables within one year +€24,105
up €24,105 (+68.9%), from €34,976 to €59,081
of which Other amounts receivable: +€24,245
- Reserves +€85,456
up €85,456 (+15.1%), from €566,410 to €651,866
of which Distributable reserves: +€85,456
- Other debts +€45,198
up €45,198 (+103.2%), from €43,800 to €88,998
- Revaluation surpluses -€11,438
down €11,438 (-91.4%), from €12,508 to €1,069
- Gross operating margin +€39,088
up €39,088 (+18.6%), from €209,856 to €248,943
- Financial income +€22,732
up €22,732 (+379.5%), from €5,989 to €28,721
- Taxes +€19,467
up €19,467 (+29.9%), from €65,054 to €84,521
- Financial charges -€2,743
down €2,743 (-37.0%), from €7,417 to €4,674
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €656,333 | €775,177 | +€118,844 | +18.1% |
| Fixed assets | 21/28 | €21,451 | €15,389 | -€6,062 | -28.3% |
| Tangible fixed assets | 22/27 | €21,451 | €15,389 | -€6,062 | -28.3% |
| Furniture and vehicles | 24 | €20,752 | €14,810 | -€5,942 | -28.6% |
| Other tangible fixed assets | 26 | €700 | €580 | -€120 | -17.1% |
| Current assets | 29/58 | €634,881 | €759,788 | +€124,906 | +19.7% |
| Amounts receivable within one year | 40/41 | €34,976 | €59,081 | +€24,105 | +68.9% |
| Trade receivables | 40 | €140 | - | -€140 | |
| Other amounts receivable | 41 | €34,836 | €59,081 | +€24,245 | +69.6% |
| Current investments | 50/53 | €430,678 | €603,320 | +€172,642 | +40.1% |
| Cash at bank and in hand | 54/58 | €168,806 | €96,880 | -€71,926 | -42.6% |
| Deferred charges and accrued income | 490/1 | €421 | €506 | +€85 | +20.2% |
| Total equity and liabilities | 10/49 | €656,333 | €775,177 | +€118,844 | +18.1% |
| Equity | 10/15 | €597,517 | €671,535 | +€74,018 | +12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €12,508 | €1,069 | -€11,438 | -91.4% |
| Reserves | 13 | €566,410 | €651,866 | +€85,456 | +15.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €564,550 | €650,006 | +€85,456 | +15.1% |
| Amounts payable | 17/49 | €58,815 | €103,642 | +€44,826 | +76.2% |
| Amounts payable within one year | 42/48 | €58,815 | €103,445 | +€44,629 | +75.9% |
| Current portion of amounts payable after more than one year | 42 | €10,160 | €3,375 | -€6,785 | -66.8% |
| Trade debts | 44 | €1,764 | €1,351 | -€413 | -23.4% |
| Suppliers | 440/4 | €1,764 | €1,351 | -€413 | -23.4% |
| Taxes, remuneration and social security | 45 | €3,092 | €9,721 | +€6,629 | +214.4% |
| Taxes | 450/3 | €3,092 | €9,721 | +€6,629 | +214.4% |
| Other amounts payable | 47/48 | €43,800 | €88,998 | +€45,198 | +103.2% |
| Accrued charges and deferred income | 492/3 | - | €197 | +€197 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,333 | €7,817 | +€483 | +6.6% |
| Other operating charges | 640/8 | €10,085 | €10,887 | +€801 | +7.9% |
| Non-recurring operating charges | 66A | €107 | €10 | -€97 | -90.4% |
| Gross operating margin | 9900 | €209,856 | €248,943 | +€39,088 | +18.6% |
| Operating profit (loss) | 9901 | €192,330 | €230,230 | +€37,900 | +19.7% |
| Financial income | 75/76B | €5,989 | €28,721 | +€22,732 | +379.5% |
| Recurring financial income | 75 | €5,989 | €28,721 | +€22,732 | +379.5% |
| Financial charges | 65/66B | €7,417 | €4,674 | -€2,743 | -37.0% |
| Recurring financial charges | 65 | €7,417 | €4,674 | -€2,743 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €190,902 | €254,277 | +€63,375 | +33.2% |
| Income taxes | 67/77 | €65,054 | €84,521 | +€19,467 | +29.9% |
| Profit (loss) for the period | 9904 | €125,848 | €169,755 | +€43,907 | +34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €125,848 | €169,755 | +€43,907 | +34.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.